CONFORMED COPY

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933

For the month of March 2006

BANCOLOMBIA S.A.

(Translation of Registrant’s name into English)

Calle 50 No. 51-66
Medellín, Colombia
(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

     Form 20-F þ          Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

     Yes o          No þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .)

 

 

This Report on Form 6-K shall be incorporated by reference into the registrant’s registration statement on Form F-3 (File No. 001-32535).

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BANCOLOMBIA S.A.
		(Registrant)
Date: March 16, 2006		By		/s/ JAIME ALBERTO VELÁSQUEZ B.
		Name:		Jaime Alberto Velásquez B.
		Title:		Vice President of Finance

COOPDESARROLLO’S HEARING IN RELATION TO MEGABANCO

Medellín, COLOMBIA. March 16, 2006

In the public assignment hearing that Coopdesarrollo en Liquidación held today, the offer presented by Bancolombia was not selected. The Bank continues to study growth opportunities that generate value for its shareholders.